Buyer habits are changing

by Shawn Lackie

I was sitting with some close friends, the other night, and we got to talking about needs in a home purchase. Now, I have always believed there is a vast difference between a need and a want.

Most times buyers confuse those two, so called, priorities.

A need is something you absolutely MUST have, based on necessity: number of bedrooms; good sized living area; large or small lot, depending on your needs; access to schools and transportation; and hospitals, if you are older or in need of health care. That list could go on forever, it really depends on what you absolutely NEED.

Now wants are an entirely different animal. I want shopping close by. I want multiple bathrooms. I want a pool. Do you see where I’m going with this?

The two lists could really be at opposite ends of the spectrum. But buyers quite easily confuse them, and what shouldn’t be, all of a sudden, does become a priority.

Today’s buyers want to move in and do nothing else. No fixing of floors, counter tops or almost anything else which comes with the purchase of a dated (read older) home. Warning: old crony story coming. When we rode, what I called, the “equity wave,” back in the mid 80s to early 90s, we bought places which “needed work.” Oh ya, and by that I mean, in some cases a lot of work. In others, not so much but they still needed updating, especially the first one we bought. On more than a few occasions, we were in a home with ONE bathroom, and yet we survived. One place didn’t even have a shower in the bathroom, on the second floor. I had to go down to the basement to have a shower because this place had a shower and sink in the basement. How kooky is that? Fun times in the winter let me say. I turned on the clothes dryer to warm up the room. Thankfully, I won’t go into detail, however, needless to say it, was an adventure. I’ve mentioned this before and I will say it again, my wife grew up in a modest 1200 square foot bungalow with ONE bathroom. There were two adults and six kids, five were girls. It was like the Don Valley Parkway in the morning, at 5 a.m., before school and work around there, but they got by.

We have become far too accustomed to placing wants over needs, on our priority list, these days. Far too often, I hear, “We absolutely MUST have four bathrooms and at least 4 bedrooms.”

“Uh....there are just two of you.”

“Yes, but we need the room. [We need a] fully finished basement and loads of extra space.”

My question is, for what? I always tell clients to go, sit at a table, and write these two lists out. Needs and Wants; in detail. It could make a huge difference, regarding how much you spend. More importantly, why buy something you don’t need, just to say you did? Also, you don’t really want to clean five bathrooms instead of two or three, or do you? Try answering that question before your final offer. It might save you considerable dollars and a whole heap of stress and cleaning supplies.

Feel free to check out this story and more on my blog site, at https://slackie14.wixsite.com/buy-sell-and-more